Fourth Stimulus Check Update 2021 – 2022 | $1,400 – $5,000 of Stimulus for New Dependents – New Baby, Child or Adult | Stimulus Check Update

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 Fourth Stimulus Check Update 2021 – 2022 | $1,400 – $5,000 of Stimulus for New Dependents – New Baby, Child or Adult | Stimulus Check Update

Do you have a new dependent in 2021? Maybe it’s a new baby or possibly a new child that you’re now claiming as a dependent. Or maybe you’re going to be claiming one of your parents as a dependent. If any of these situations are too true, you probably want to read this topic because it could be worth several thousand dollars for you. Maybe this situation is not true for you.
If that’s the case, if you know anybody where this situation is true, you may want to share this topic with them and help them grab several thousand dollars as a result of what we’re going to be talking about right here in this topic. So with that being said, let’s jump into it and talk about how you can get these extra thousands upon thousands of dollars. Let’s get into this. But if you haven’t done so yet, or if you happen to be new here, make sure to subscribe to our website so I can keep you updated each and every day with all of this information that is changing very rapidly right now.
There’s a lot of things going on right now.
All right, let’s get into this right away. So 2021 was yet again, another very busy year, and there’s a lot of money on the table, and I want to make sure that I’m helping you get as much as we possibly can. Now, one quick list Disclaimer this video is not tax advice. It’s not accounting advice. It is not financial advice, and it is not advice in any way, shape, or form, but rather, I’m going to be talking on general topics here, and you’ll need to look at your exact situation because as we all know, everybody’s situation is very different.
However, I do know what I’m talking about. I’ve been following this stuff for a very long time now, and a lot of people are probably eligible for thousands of dollars that you may not even recognize you have coming to you. So I want to lay that out in this topic. And like I said, everybody’s situation is very different. So this is not advice to any particular person, but rather just general statements.
 All right. So with that being said, let’s get into this a little bit further. So first off in 2021, by the way, I’m recording this video in early December of 2021. If you happen to be watching this in 2022.
Hey, this is probably game on for you right now, especially with the tax season setting in. You could probably take advantage of some of this. So this is why I want to leave this out for you right now. So you have this in your hands as you prepare your 2021 taxes. All right.

 

So in 2021, there’s a couple of notable things that we need to take a look at. And that is mostly the $1.9 trillion stimulus package that was passed into law in mid-March of 2021 called the American Rescue Plan. Now, this was signed into law by President Biden, and it has some pretty cool things within it that could get you thousands upon thousands of dollars depending on your situation, we could be looking at $1,400, possibly up to even $5,000 or maybe even more in some instances. All right.
So let’s talk through this one at a time here.
So first off, I’m going to start probably like the lowest amount of money and work my way up to the higher amounts being $5,000 or possibly even more. All right. So if you have a new dependent from 2021, now, remember, this could be a child. It could be an adult dependent. It could be anybody that you’re claiming as a dependent for the tax year of 2021.
So basically, January 1, 2021, through December 31, 2021, at any point within that time frame, if you have anybody that you’re claiming as a dependent during that timeframe, it could be a new baby, it could be a child that you’re now claiming as a dependent. It could be an adult-dependent, as in a parent or somebody else. If you’re claiming a dependent, you could be eligible to receive an extra $1,400 as a tax refund when you go to file your 2021 tax returns. How well, here’s what it comes down to in the stimulus package that was passed in March of 2021, they had within it the $1,400 stimulus check.
As a result, that check was available for anybody earning under $75,000 as an individual or $150,000 as a married couple along with dependents.
So if you claim somebody as a dependent, you would be eligible to receive their $1,400 stimulus check. Even if that person is an adult-dependent, you are the person who would get that as the person claiming that person as a dependent. Unfortunately, the money does not go to the dependent. So one thing that I do here on my channel is I am a huge advocate for people who are older adults, seniors, people with disabilities, things like this. So I do have a lot of people here on the channel who are adult dependents.
And unfortunately, for over the last quite a few months here, I’ve had to tell them, hey, you’re an adult dependent. It’s not a good situation, but your money will actually go to the person who claims you as a dependent. So in this situation, if you are somebody who is claiming an adult-dependent, you are the one who would get the $1,400. So if you happen to decide to claim one of your parents, that’s typically what I see. That’s what I’m saying.
Parents I typically see down in the comment section a lot of times the people on my channel here are usually claimed by their adult children. Right. So maybe like a 40-year-old son is claiming his, like, 65-year-old dad or mum or something like that, that’s typically what I see in the comments section. Again, this is just what I’m seeing. But again, the situations could be very different for a lot of people.
But if you happen to be claiming one of your parents or maybe a new child, a new baby, by the way. Hey, Congratulations. I hope you’re doing well. I’m in that situation with you. I also have a new child as of 2021.
And wow, it’s been busy unreal. I never expected it to be this busy, but anyway, a new child, maybe it’s a new baby, a new child that you’re going to be claiming as a dependent. Maybe the child is ten years old and you’ve never claimed the defendant before. But now you will be you could be getting this $1,400 stimulus check on their behalf, even if it’s an adult dependent. So if you’re claiming a new dependent now, as of 2021, you can grab that $1,400, provided your income is within the parameters $75,000 or less as a single person or $150,000 as a married couple.

 

Now, here’s another thing. There is a phase-out period, so you can actually earn more than those thresholds I just gave you, but just recognize you’re going to get less than the $1,400. I believe the phase-out is $50 of phase-out per $1,000 of income over the limits. Honestly, I haven’t checked it in a while, but I believe that is correct. As far as the phase-out, $50 would be phased out for every $1,000 over the limit of income.
So just remember that as well. You can still get it. It just starts phasing out the more money that you earn. All right, so that is number one. That’s $1,400 on the table, by the way.
New babies. Like I said, if you had a new baby in 2021. Hey, game on. Grab that money. Seriously, that’s all.
Hands-on deck. Grab the money. It’s there for you. You can claim it on your 21 tax returns in early 2022 when you go to file. All right, next.
Now, this one is going to be more money. And this one is specifically focused on new child, as in a new baby or a child that you would be claiming as a new dependent in 2021. Now, let’s talk about a new baby here because this is where the little gold mine comes in. Now, let’s be real. Babies are very expensive.
And I’m learning this just like you are right now. Right. Wow. I’ve always heard about it, but, yeah, it’s true. Babies are expensive.
All right, so here’s the deal. If you have a new baby in 2021, you’ve got a lot of money coming to you potentially here. So let’s talk through this again. The $1,400 stimulus check. Because that was approved in 2021, you can grab that.
That’s $1,400 right there. You got it. Okay, so that’s $1,400. Let’s start adding up here. You don’t need a calculator where we can do some mental math here.
And I’ll tell you, it’s going to add up to $5,000. Here’s the other $3,600. This is in reference to the child tax credit. So if you have a new baby in 2021, Congratulations, you just hit a small gold mine. Here’s what it is like.
I said, the $1,400 check, you can grab that. And on top of it, you can also get $3,600 as a result of the child tax credit payments, which were also added into the simulation package from back in March of 2021. Now, these payments started going out in mid-2021 in July. In fact, as monthly payments in the amount of $300 for any child under the age of six. Well, if you have a newborn, guess what.
That’s under the age six. So, therefore, you would be eligible to receive $300 per month going forward. However, our be passed the monthly payments, right. So what does that mean? If that means that in 2022 when you go to file your 2021 tax return, you can claim the entire $3,000 $600 for that one child. So check this out. You can claim the $1,400 for the stimulus check that you didn’t receive. And you can also claim the $3,600 for your newborn baby, which is as a result of the child tax credit. So $1,400 plus $3,600 equals $5,000 that you can get back in the form of a tax reduction.
If you do have a tax liability, it’ll just reduce it right off of that. So let’s just say, for example, that you have a tax liability of $5,000. But yet as a result of the stimulus check and of the child tax credit payments, $5,000, it would equal out $5,000 of liability 5000 refunds. Boom, you got zero tax liability. Get what I’m saying.
But if you have a zero tax liability, you would get $5,000 back as a refund on your tax return. Not bad, right? That’s a nice little lump sum of cash coming back to you. That’s why I said it’s a small gold mine, right. Which, by the way, that only gets you about two and a half ounces of gold.
Just being real because gold is about, I don’t know, just under $2,000 an hour. So I’m just kind of rounding it here. But you kind of gets what I’m saying. So a very small gold mine, but essentially kind of the same thing. Right.
So anyway, that is available to you. Now, again, this has to be claimed on your 2021 tax return when you go to file your 2021 tax return in early 2022. Now, like I said, I’m recording this video in late 2021. If you’re watching it in 2022, this money is probably available there, and you can probably file your 2021 tax return by now. Again, this is not accounting advice.
This is not tax advice in any way, shape, or form. I would highly advise you to do some more research on this and probably talk to an accountant or possibly your CPA. Somebody that looks over your situation and knows the big picture of your situation. I don’t know all that stuff about you. And realistically, I’m not your accountant, and I’m not your CPA.

 

So I cannot give you that advice. But what I can say is, please have somebody look over this. If you think that you fall into the category of what I just talked about, look over this, do some more research on it, and possibly have somebody look at it for you. If you don’t understand it, have somebody look over this because we could be looking at some major money here for you. Thousands of dollars, $5,000.
Right. So some big money. All right. Let’s talk about one more situation. And this would be if there’s a child out there who you are now going to be claiming as a dependent, not a newborn.
But let’s just say this person is a ten-year-old child. Okay. If you’re going to be claiming this person now as a new dependent in 2021. Or I should say, the tax year of 2021, you could be getting, well, the $1,400 check on their behalf. Possibly you could be getting that.
If the check has already been claimed for that person, then you can’t really double dip. You can’t get two checks for that one person. Right. So the other person who maybe has already gotten the 14 other checks, you cannot get another one for that one person. However, you could possibly be getting it if it has not already been claimed for that one child, and you could possibly be getting the child tax credit payments.
Lump-sum payments again for 2021. When you go to file your tax return in 2022. A lot of numbers here. Sorry, I hope it’s staying straight here, but basically, it’s all pertaining to the tax year of 2021. When you go to file in early 22 is basically what I keep saying here.
All right. So anyway, why I wanted to say a ten-year-old child is because the child tax credit payments do actually change a little bit. Now, this would only be $3,000 versus $3,600, as explained in the previous example with a newborn baby. So this will be $3,000 because it’s $250 per month multiplied by twelve months is $3,000. So that’s what it comes out to.
These are the potential monies that are here on the table for you. But again, this one is a little bit more up in the air because we have to know was the stimulus check was already claimed for this ten-year-old child or not? Again, it could be all the way up to 17 years old. I’m just using ten years as just an example. So we have to know first, was the $1,400 check already claimed for this child?
If so, you probably cannot claim it again. Right. If somebody already got it. Now, as far as the child tax credit payments goes again, is the other person that may have claimed this child as a dependent to get the stimulus check? Are they also getting the child tax credit payments?
If not, you could probably swoop in and grab those payments because those were set into law in 2021. Right. So there’s a lot of moving parts here, as you can see, but there’s a lot of money at stake. So you want to understand this stuff very well,
Right. So that’s why I wanted to share this with you. So if your situation is this where you’re claiming now a new child in 2021, the tax year, you might want to look into this because this one could be up in the air. But you could possibly also claim the lump sum payment in early 2022 on your 21 tax return of $3,000 for this ten-year-old child. And now again, this would be up to a child aged 17.
So I’m just using ten years as an example but look into this a little bit further. It’s called the stimulus check, otherwise known as the Recovery Rebate credit on line 30 of 1040. That’s where you see it there. Otherwise, you can also look into the child tax credit payments and the lump sum payment of $3,000 for 2021 for this older child who may be anywhere between six to 17. So those are also out there.
So this is potentially $5,000 that you could be getting in 2022 as a result of 2021 based on some new dependence that you may have picked up throughout the year of 2021. Right. So a lot of money is on the table here. So again, I hope this explains a little bit further. I would highly recommend doing some more research on this.
Look at your situation. I don’t know your situation. So look at yours. Look at your income. Look at who you may be claiming as a dependent the ages of those dependents because that’s going to determine how much money you can actually get.
If it’s a child under the age of 17, you could be getting thousands of dollars more. But if it’s an adult-dependent, you could possibly be getting the $1,500 a lot of money here at stake. And I hope this helps you out to better understand some of the money that’s on the table right now in 2022 as a result of your 2021 income and your tax status of 2021. Right. So hope this helps you out again.
This is not tax advice. It’s not accounting advice. It’s not financial advice in any way at all. But I would highly recommend doing more research and talking to somebody that understands your situation. So I hope this helps you out again.
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2 COMMENTS

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